The story so far:
The Supreme Court order dated March 2, 2023 led to two parallel inquiries into contraventions of the Adani group of companies, alleged by Hindenburg Research. The U.S.-based investment research firm had alleged in January that the Adani Group was engaged in brazen stock manipulation and money laundering through shell companies; charges denied by the company. The Security and Exchange Board of India (SEBI), which was asked to investigate whether there was a violation of Rule 19A of the Securities Contracts (Regulation) Rules, 1957, sought an extension after the two-month deadline was over, and will now have to report to the apex court by August 14. In addition, a separate Expert Committee was constituted to inter alia investigate whether there has been regulatory failure in dealing with the alleged flouting of laws by the Adani Group or other companies.
